Trade between Vietnam and the rest of the world in the first eleven months of this year hit a new record of nearly $700 billion despite the global economic downturn, the General Department of Vietnam Customs announced on December 14.

Total export revenue reached $342.19 billion, a year-on-year rise of 13.4 per cent.

Import value stood at $331.51 billion, up 10.1 per cent.

Vietnam’s trade performance has seen strong progress over the years.

In 2007, when it became an official member of the WTO, foreign trade totaled $100 billion.

The figure then rose to $200 billion in 2011, nearly $328 billion in 2015, and over $425 billion in 2017.

It set a new record for total import and export value in 2019, of more than $517.2 billion, which it broke in 2021, with $668.54 billion.

The WTO said Vietnam’s exports ranked 23rd in the world in 2021 and its imports 20th.

Within ASEAN, exports and imports were both in second place behind Singapore.